Bank of Idaho Holding Company Reports First Quarter 2024 Financial Results - Seite 3

Loans held for investment were $916.7 million as of March 31, 2024, an increase of $33.9 million, or 3.8%, from $882.8 million as of December 31, 2023, and an increase of $173.6 million, or 23.4%, from $743.1 million as of March 31, 2023. The increase in total loans held for investment from the previous quarter came from growth in all loan categories, with the largest increase in the Bank's commercial and commercial real estate loans. We continue to see significant lending opportunities across our markets.

Deposits were $991.8 million as of March 31, 2024, up $43.8 million, or 4.6%, from the previous quarter, and up $144.4 million, or 17.0%, from the same quarter last year. Our deposit portfolio continues to undergo a remixing as customers move deposits from noninterest-bearing accounts into yield seeking accounts; however, this has slowed since the start of the year. We continue to see organic deposit growth opportunities within our markets but at an elevated cost due competition from both bank and non-bank organizations. Noninterest bearing deposits represented 30% of total deposits and 31% of core deposits as of March 31, 2024, compared to 33% as of December 31, 2023, and 38% as of March 31, 2023.

Borrowings were $63.2 million as of March 31, 2024, which consisted of $24.6 million of Company subordinated debt, $24.6 million of BTFP advances, and $14.0 million of overnight borrowings compared to $24.6 million of subordinated debt and $37.6 million in overnight borrowings in the previous quarter.

Asset quality remained strong in Q1 2024. Nonaccrual loans, excluding government guaranteed balances, totaled $2,194,000, or 0.19% of loans, as of March 31, 2024, compared to $1,770,000, or 0.20% of loans, as of December 31, 2023, and $621,000, or 0.06% of loans, as of March 31, 2023. The Company had no OREO for Q1 2024, Q4 2023, or Q1 2023.

The Allowance for Credit Losses ("ACL") totaled $11.2 million, or 1.22% of loans held for investment, as of March 31, 2024. The Company recorded $645,000 in provision for loan loss expense in the first quarter of 2024 compared to $1,600,000 in provision expense in the previous quarter, and $890,000 provision in the first quarter of 2023. The Company recorded net charge-offs of $77,000 in the first quarter of 2024.

Capital ratios of the Company and Bank continue to exceed the "well-capitalized" capital levels set by their respective regulators. As of March 31, 2024, the Bank's Tier 1 leverage ratio was 12.27% and the total risk -based capital ratio was 14.97%. As of March 31, 2024, the Company had tangible common equity (total stockholders' equity less intangible assets) of $111.4 million and tangible book value per share of $25.16. Tangible common equity increased $2.673 million in Q1 2024 due to quarterly earnings of $3.076 million offset by a $755,000 increase to accumulated other comprehensive loss ("AOCL") related to increased unrealized losses on our securities portfolio. The Company's tangible common equity to tangible assets ratio was 9.45% as of March 31, 2024, down from 9.62% in the previous quarter. There were no paid dividends during Q1 2024 or in any quarter presented.